Atlassian co-founder Scott Farquhar’s Point Piper mansion sells for $130m

A local buyer has paid big money to buy ‘Elaine’ from tech billionaire Scott Farquhar, earning him a tidy profit of $60m.

Elaine is a seven-bedroom Victorian mansion located on the waterfront in the suburb of Point Piper. Picture: AFP

A local buyer has forked out around $130m to purchase tech billionaire’s Scott Farquhar’s half-demolished mansion, Elaine, in a portent of a strong summer selling season, particularly at the top end.

Elaine, held by the outgoing boss of Atlassian for the past seven years, had stood with approvals in place for a major renovation on its 7000 sqm beachfront site in Sydney’s prime Eastern Suburbs pocket of Point Piper.

Under the planning approval for the major renovation a partial demolition had taken place, but Farquhar, who paid $71m to John Brehmer Fairfax of the Fairfax media dynasty for it in 2017, could clearly not resist the $60m windfall offered last week.

He opted to sell the 1863-built estate fronting New South Head Road which was riddled with asbestos to an unknown local.

Prior to the demolition the mansion included seven bedrooms and seven bathrooms. Outside, the house featured a tennis court and sweeping Sydney Harbour views.

Outgoing Atlassian co-chief executive Scott Farquhar.

Selling agent Ken Jacobs of Forbes Global Property declined to comment on Friday.

Sources said Farquhar is understood to be happy living in Uig Lodge nearby, which he purchased for $130m in 2022.

Other major properties on the luxury Sydney market include a six bedroom penthouse at Crown’s Barangaroo — with the price dropped to $90m.

Marketing agents have committed to spend around half a million dollars to stage the unit, better ‘glamorising’ it to attract a buyer.

The Agency’s Steven Chen and Colliers director of residential project marketing Luke Hayes have taken the reins from high-profile Luxe Listings agent Monika Tu of Black Diamondz and Erin van Tuil of Knight Frank to sell the seven-bathroom apartment.

The apartment occupies levels 81 and 82 of Sydney’s commanding Barangaroo tower, which was once listed with an asking price of around $100m.

Mr Chen said interest in the Crown penthouse has been strong. “We have had several very serious clients looking at it. At the moment they are local high-net worth clients, on invitation only. There is very serious interest,” he said.

The site of ‘Elaine’ at Sydney’s Point Piper.

Further south, the grand Toorak estate Cranlana which has been owned by the Myer family, one of the country’s most famous retailing families, for more than one hundred years has hit the market and is expected to be the first Melbourne home to sell for $100m or more.

A view from inside Elaine at Point Piper.

However, latest CBRE research foreshadows the prestige Victorian housing market is extremely flat at present, with no growth expected.

There is more future growth expected in the luxury housing markets of NSW, Western Australia and Queensland.